Macy’s (NYSE:M) Board Lifts Share Buyback Plan by $1.5 Billion – M, JCP, SHLD, KSS

Macy’s, Inc (NYSE:M) board has boosted the company’s share buyback authorization by $1.5 billion, offering the remaining repurchase authorization outstanding to $1.86 billion.

FactSet data confirms that the department store chain’s recently had a market capitalization of around $15.4 billon.

Chief Executive Officer Terry J. Lundgren reported that they remain committed to using their surplus cash to enhance shareholder value through share repurchase and dividends.

Macy’s previous month reported that its profit in the third-quarter moved up 4.3% as the department store booked higher revenue that overshadowed a boost in costs.

Shifting reader’s focus to broader market, let us consider market performance of other stocks that significantly affect same sector. J.C. Penney Company, Inc. (NYSE:JCP) up +0.17% to settle at $18.17, Sears Holdings Corporation (NASDAQ:SHLD) moved up +6.73% to end at $42.96 while Kohl’s Corporation (NYSE:KSS) jumped +0.14% to finish at $44.09 on Friday.

Macy’s, Inc. (NYSE:M) last session’s volume of 4.53 million shares was surprisingly lower than its average volume of 5.92 million shares. The stock after opening at $39.17 hit high price of $39.48 and then closed at $39.41 by scoring +1.26%.

The liquidity measure in recent quarter results of the company was recorded 1.37 as current ratio and on the other side the debt to equity ratio was 1.25 and long-term debt to equity ratio remained at 1.23. The Company had total cash of $1.26 billion at hand and a book value per share as $14.07 in the most recent quarter.

The stock’s price volatility was 1.81% for a week and 2.32% for a month as well as price volatility’s Average True Range for 14 days was 0.99 and its beta remained at 1.65.

Macy’s generated revenue of $27.06 billion in the previous twelve months and earned $1.35 billion. The Company showed a positive 4.99% in the net profit margin as well as in its operating margin which remained at 9.44%. Company’s annual sales growth for the past five years was -0.42%.

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